Commonwealth Bank announces digital home loan application that takes just 10 minutes

Commonwealth Bank this afternoon announced a series of upgrades to its services, the main one being a modern new digital app for home loans. Known as a loan, this offers customers a streamlined application process that can take as little as 10 minutes.

The full post on the Commonwealth Bank Facebook Post is as follows:

We are taking the next step in reinventing banking services for our customers with a number of new initiatives aimed at providing a more rewarding and personalized experience.

Case: a money app and digital information tool for kids, aimed at helping our young customers learn about money, how to save, how to budget and how to manage expenses.

The kit is in a pilot phase with up to 5,000 customers and has been built with the help of children, parents and carers as well as an independent advisory group of youth mental health and wellbeing experts, digital services for children and families, artificial intelligence and financial capacity .

Unborrow: a home loan that starts with a simple and inexpensive interest rate. Homeowners who refinance will pay an interest rate of 2.14% per year (comparison rate 2.06% per year) and investors 2.44% per year (comparison rate 2.36% per year). Digital applications take just 10 minutes and customers enjoy a loyalty discount that increases by 0.01% per year, for up to 30 years.

Integration of CommSec in the CommBankCommSec application, Australia’s leading digital brokerage service, will be available in the CommBank app. Starting with the integration of the award-winning CommSec Pocket, clients will be able to access and transact their investment accounts directly through the CommBank app with a simple login.

CommBank Yellow: a personalized recognition program. Initially available to Home Loan customers, benefits include $120 annual cash back on home insurance, exclusive homebuyer offers and discounts on home-related purchases, real estate trend reports as well as as the chance to win prizes every month. The recognition program will be rolled out gradually first to customers later this year.

Commbank says they will have more details on future innovations in the coming days.